Carney speech: UK not directly in the “sights” of global trade war

Below are some additional comments from Bank of England Governor Mark Carney as he continues to testify before the Treasury Committee as part of the BOE's inflation report hearings.

"We’re close to manufacturing recession across developed and much of the emerging world."

"Data hasn’t shifted towards signalling a global recession."

"Fundamentals in major economies still quite strong, but there are pockets of risk."

"China has quite significant imbalances, a cause of concern."

"There is a relatively limited policy scope in many central banks."

"We have considerable policy space in the UK. Not just policy space in terms of the conventional policy."

"Global economy now less supportive for UK growth. It’s a less supportive backdrop than since I’ve been governor."

"We can offset some effects from global economy but can’t fully insulate the UK economy."

"The UK not directly in the “sights” of the global trade war, but would still have some impact around 1% of GDP."

The GBP/USD pair continues to trade in the upper half of its daily range near the 1.22 mark, adding more than 0.8% on a daily basis.